Political theorists can be neatly divided into two camps: individualists who believe first and foremost in the sovereignty of the individual; and collectivists who argue that it is groups rather than their constituent members that hold supreme.

The same dichotomy exists in investment banking. On one hand, there are those - usually bankers - who argue that the most important factor in winning and holding on to corporate finance business is the relationship between individual bankers and their clients. Thus, when rainmakers switch employers or set up on their own, they are able to take their clients with them, and when banks cull key executives, they frequently sacrifice market share.